Property Management: 14 Tools for Streamlining Business Operations
From online payment systems and virtual tour software to lease management technology, there are many tools landlords and property managers can use to streamline their operations. We discuss 14 of these below. But of course, you may not need to use all of them. Find what works for you—what solves the greatest challenge you may be facing in your property management operations.
1. Property Management Software
Let's start with the big one—property management software. These digital powerhouses are comprehensive, with a host of features for landlords and property managers alike. For example, the Landlord Software by Rentredi offers features like rent collection, lease management, maintenance requests, and tenant communication all in one place. With such solutions, you can stay on top of your entire business operations on the go and keep tenants engaged.
If you wish to have a software tool that’s more dedicated to specific property management tasks, read on.
2. Online Rent Payment Systems
Collecting rent used to be a chore of chasing checks, but not anymore. With an online rent payment system, tenants can pay their rent electronically and conveniently, saving time for both property managers and renters. It's convenient and secure and reduces the risk of late or lost payments as it sends out notifications before payment is due.
3. Property Inspection Apps
As a landlord or property manager, you’d often need to go inspect your properties or show prospective tenants around. But moving around isn’t always your cup of tea, right? Inspection apps let property managers conduct thorough inspections on smartphones or tablets, complete with photos and detailed notes. In addition to saving time, this also creates a digital record for future reference.
4. Maintenance Management Tools
Handling maintenance requests can be a headache without the right tools. Maintenance management software streamlines the process by allowing tenants to submit requests digitally. You can then assign tasks to maintenance contractors, track progress, and communicate with tenants—all within the software.
5. Tenant Screening Services
Finding reliable tenants is paramount for landlords and property managers. Tenant screening services provide background checks, credit reports, and rental history checks, helping you make informed decisions while reducing the risk of troublesome tenants.
6. Virtual Tour Software
Today, property managers can give prospective tenants a virtual tour of properties without leaving their desks. Virtual tour software allows for 360-degree property tours, providing a realistic experience that can save time and narrow down the pool of interested tenants.
7. Lease Management Software
Lease management software simplifies managing leases by centralizing lease documents, automating rent increases, and sending out renewal reminders, ensuring leases are always up to date. Knowing how renters of this generation prioritize convenience and digitization, this can make your property more appealing to tenants.
8. Accounting and Financial Software
You want to stay on top of your finances, from tracking rental income to managing expenses. Thanks to accounting and financial software tailored to property management, you can do that effortlessly. These tools help keep finances organized, generate reports, and simplify tax preparation.
9. Data Analytics and Reporting Tools
Data-driven decisions can lead to better property management outcomes. Data analytics and reporting tools provide insights into property performance, helping property managers identify trends, optimize pricing, and plan for the future.
10. Energy Management Systems
For those looking to reduce energy costs and improve sustainability, energy management systems can be of immense help. These tools help monitor and control energy consumption in properties, optimizing heating, cooling, and lighting systems.
11. Smart Home Technology
Incorporating smart home technology into properties can enhance tenant experiences and simplify property management. Think smart locks, thermostats, and security systems; these can be controlled remotely, reducing the need for physical visits. And you keep tenants happy.
12. Legal and Compliance Software
How easy is it for you to keep up with the legal aspects of property management? Not easy? Legal and compliance software can change that. These tools help property managers stay up to date with local and federal regulations so they can always stay compliant with current leases and property management practices.
13. Document Management Systems
If you deal with too many paper documents than you can keep track of, document management systems can help. These tools help organize and store lease agreements, inspection reports, maintenance records, and more in a secure and easily accessible digital format.
14. Communication Platforms
Numerous surveys have consistently shown that landlord communication and the quality of the tenant-landlord relationship influence their likelihood of renewing leases. With the right communication platform, you can improve your relationship with tenants,fostering higher tenant retention. Communication platforms like Slack or Microsoft Teams allow property management teams to stay connected, share updates, and address issues quickly..
Conclusion
These tools are changing the playing field for property managers and making their jobs more efficient and manageable. So, whether you're a property manager or DIY landlord, consider investing in these digital systems to help you keep things running with ease.
